Chanticleer
Perpetual ready to sprinkle riches; red flags at Cettire
Wesfarmers and Qantas headlined the final Thursday of earnings season, but it was Perpetual and Cettire’s results that caught our eye.
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The big result | We’re sick of bashing Perpetual about Pendal – the deal was a shocker, the CEO and chairman are leaving and the board is blowing up the joint by selling its corporate trust and wealth arms to reduce debt and return capital to shareholders. Thursday’s results day was about exactly how much capital – and the answer was $957 million to $1.12 billion, depending on the final tax bill. Perpetual shares dropped 4 per cent.
Perpetual chief executive Rob Adams handed down his final result as the fund manager’s CEO. David Rowe
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